FirmAtlas
Company handbook · NSC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NSC · CIK 702165 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
NORFOLK SOUTHERN CORPORATION
$326.92
+2.09 (+0.64%)
Close, Oct 16, 2026 · 52-week $278–359
Last fiscal year
NORFOLK SOUTHERN CORPORATION reported revenue of $12.2B for the year ended Dec 31, 2025 (FY25), up 0.5% from FY24. Net income was $2.9B, operating cash flow $4.4B and free cash flow $2.2B. Source: 10-K filed Feb 9, 2026.
Market cap
$73.4B
P/E
27.8
EV/EBITDA
15.5x
P/B
4.5
Div yield
1.65%
ROIC
11.2%
Revenue 1Y
0.5%/yr
EPS 1Y
10.2%/yr
Shares 1Y
−0.8%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMark R. George
HQAtlanta, GA
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Railway Operating Revenues Market Group Merchandise63%
Railway Operating Revenues Market Group Intermodal25%
Railway Operating Revenues Market Group Coal12%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.2%
3.5%
16.4%
13.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.6B deployed
Capex
$4.6B
60.7%
Dividends
$2.4B
32.2%
Buybacks
$534M
7.1%
Operating cash flow over the period: $8.4B. Total debt changed by −$119M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
12,123
12,180+0.5%
12,540
YoY
+0.5%
Operating income
4,071
4,356+7.0%
4,036
Operating margin
33.6%
35.8%+2.2 pp
—
EBITDA
5,424
5,749+6.0%
—
EBITDA margin
44.7%
47.2%+2.5 pp
—
Interest expense
807
792−1.9%
—
Interest coverage
6.72x
7.26x+0.54x
—
Net income
2,622
2,873+9.6%
2,636
YoY
+9.6%
Net margin
21.6%
23.6%+2.0 pp
—
EPS (diluted, $)
11.57
12.75+10.2%
11.72
YoY
+10.2%
Balance sheet
Total assets
43,682
45,236+3.6%
45,122
Cash & short-term investments
1,641
1,530−6.8%
—
Accounts receivable
1,069
988−7.6%
—
Net PP&E
35,831
36,479+1.8%
—
Other assets
5,141
6,239+21.4%
—
Total liabilities
29,376
29,689+1.1%
28,869
Accounts payable
1,704
1,863+9.3%
—
Total debt
17,206
17,087−0.7%
15,967
Other liabilities
10,466
10,739+2.6%
—
Shareholders’ equity
14,306
15,547+8.7%
16,253
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,052
4,361+7.6%
3,732
Net income
2,622
2,873+9.6%
—
Depreciation & amortization
1,353
1,393+3.0%
—
Stock-based compensation
40
63+57.5%
—
Working capital & other
37
32−13.5%
—
Cash from investing
(2,780)
(2,562)n/m
—
Capex
(2,381)
(2,204)n/m
—
PP&E sold
558
164−70.6%
—
Investments bought
(319)
(621)n/m
—
Other investing
(638)
99n/m
—
Cash from financing
(1,199)
(1,910)n/m
—
Debt raised
1,051
396−62.3%
—
Dividends
(1,221)
(1,215)n/m
—
Buybacks
0
(534)n/m
—
Shares issued
41
17−58.5%
—
Other financing
(1,070)
(574)n/m
—
Net change in cash
73
(111)−252.1%
—
Free cash flow (OCF − capex)
1,671
2,157+29.1%
1,631
Where the cash went
Operating cash flow
4,052
4,361+7.6%
3,732
Reinvested in the business
2,381
2,204−7.4%
—
% of operating cash flow
58.8%
50.5%
Capex
2,381
2,204−7.4%
2,101
Free cash flow
1,671
2,157+29.1%
1,631
YoY
+29.1%
Returned to shareholders
1,221
1,749+43.2%
—
% of free cash flow
73.1%
81.1%
Dividends
1,221
1,215−0.5%
—
Buybacks
0
534n/m
—
Change in total debt
—
(119)
—
Cash left over
—
289
—
FCF conversion (FCF ÷ net income)
63.7%
75.1%+11.3 pp
—
Owner earnings
—
2,302
—
Owner earnings margin
—
18.9%
—
Buyback yield
—
0.8%
—
Returns & ratios
ROIC (all capital)
10.7%
11.2%+0.5 pp
—
ROIC (operating)
9.1%
9.6%+0.5 pp
—
Net debt / EBITDA
2.87x
2.71x−0.16x
—
Debt / equity
1.20x
1.10x−0.10x
—
ROE
18.3%
18.5%+0.2 pp
—
ROA
6.0%
6.4%+0.3 pp
—
ROCE
10.1%
10.5%+0.4 pp
—
NOPAT
3,206
3,415+6.5%
—
Invested capital (operating)
35,196
35,604+1.2%
—
Invested capital (all)
29,871
31,104+4.1%
—
Reinvestment rate
—
11.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,103
2,974
2,998
3,465
vs year-ago quarter
Operating income
1,098
937
877
1,124
Net income
711
644
547
734
vs year-ago quarter
Net margin
22.9%
21.7%
18.2%
21.2%
EPS (diluted, $)
3.16
2.87
2.43
3.26
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
44,580
45,236
45,113
45,122
Cash & equivalents
1,418
1,530
1,341
1,069
Total debt
16,476
17,087
16,492
15,967
Shareholders’ equity
15,141
15,547
15,804
16,253
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,271
1,063
344
1,054
Capex
551
729
382
439
Free cash flow
720
334
(38)
615
vs year-ago quarter